|Published:||Jan 24, 2011 8:42 PM EST|
|Updated:||Jan 24, 2011 5:42 PM EST|
NEW YORK(AP) - Retailer J.C. Penney plans to close some stores, outlets and call centers, and finish closing its catalog business.
It will also add two shareholders, including activist investor William Ackman, to its board.
Penney's says the moves are intended boost profitability and keep pace with growth in online retailing.
Penney plans to close six underperforming stores and two call center locations. It is also reorganizing its custom decorating business, which includes closing a custom decorating fabrication plant in Sacramento, Calif., and shifting to managing 300 decorating studios instead of 525 of its current in-store studios.
The retailer's exit of its legacy catalog business including shuttering 19 outlet stores that carry a large amount of catalog merchandise. It will also close one furniture outlet store in Rancho Cucamonga, Calif.; it will have two remaining such stores.
The company did not disclose how many job cuts would be involved in the actions, which will take place during the course of the year.
J.C. Penney currently runs more than 1,100 department stores in the U.S. and Puerto Rico.
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